Core Viewpoint - The report highlights the performance of mixed public financial products over the past year, indicating a competitive landscape with several products achieving significant net value growth, particularly in the context of supportive policies for technology industries and global supply chain restructuring [5][6]. Market Performance - In Q4 2025, sectors such as new energy, semiconductors, and AI outperformed in the equity market due to supportive policies for the technology industry and global supply chain restructuring [5]. - Bond yields experienced a general upward trend influenced by marginal improvements in economic data and expectations of policy interest rate adjustments [5]. - Gold prices showed volatility and an upward trend supported by the acceleration of "de-dollarization" and geopolitical risks [5]. Overall Performance of Mixed Public Financial Products - As of February 5, 2026, there were a total of 214 mixed public financial products with investment periods of 6-12 months [6]. - Among these, 11 products achieved a net value growth rate exceeding 15%, with approximately 30% of products showing growth rates between 5% and 10%, and nearly 60% falling within the 1% to 5% range [6]. - Notable institutions include Ningyin Wealth Management with three products listed, while Zhaoyin Wealth Management and Hangyin Wealth Management each had two products featured [6]. Product Asset Allocation Overview - Ningyin Wealth Management's top three products maintained high equity investment ratios, with the leading product experiencing a maximum drawdown of 12.82% over the past year [7]. - Hangyin Wealth Management's two products had equity investments not exceeding 20%, focusing on government bonds and index funds [7]. - The "Happiness 99 Excellent Mixed (Debt-Weighted ESG Balanced Preferred FOF) 365-Day Holding Period Financial Plan" heavily invested in long-term government bonds, with 30-year and 50-year bonds making up 21.66% and 20.03% of the portfolio, respectively [7]. - Zhaoyin Wealth Management's products included over 20% allocation to QDII overseas investments, with a focus on bank perpetual bonds and TLAC non-capital bonds [7][8]. - Xinyin Wealth Management's "Colorful Elephant Tianfu Balanced Selected One-Year Open-End Financial Product D" had a bond holding ratio of 61.74%, with a diversified investment approach [8]. - Nanyin Wealth Management's "Pearl Link and Combine Excellent ESG Theme (Minimum Holding 364 Days) Public RMB Financial Product B" had a fixed income asset ratio of 59.20% [8]. - Everbright Wealth Management's "Sunshine Orange Quantitative Multi-Strategy No. 1 (Minimum Holding of 1 Year)" had a fixed income investment ratio of 33.44% [8].

Overall Performance - As of December 30, 2025, there are 216 mixed public financial products with a duration of 6-12 months, with an average net value growth rate of 4.56% over the past year and an average maximum drawdown of 1.44% [5] - 14 products achieved a net value growth rate exceeding 10%, while over 60% of the products had growth rates between 1% and 5%, and 2 products had growth rates below 1% [5] - Four financial companies are represented in the rankings, with Ningyin Wealth Management and Hangyin Wealth Management each having 4 products listed, while Everbright Wealth Management and Xinyin Wealth Management each have 1 product listed [5] Product Analysis - The top product, Ningyin Wealth Management's "Ningyin Mixed Carbon Neutral Open-End Financial Product No. 1," achieved a net value growth rate of 48.91%, significantly outperforming peers, but also had the highest maximum drawdown and annual volatility at 12.82% and 16.74%, respectively [6] - Everbright Wealth Management's "Sunshine Orange Quantitative Multi-Strategy No. 1" had a net value growth rate of 11.58%, with a performance benchmark of 2.5%-4.5%, and is the largest product by asset size at 1.374 billion [6] - The top ten holdings of the Everbright product include government bonds, gold ETFs, money market funds, and passive index equity funds [6] - Schroder Jiaoyin Wealth Management's "Deheng Mixed Balanced Allocation 1-Year Holding Period Private Banking Exclusive Financial Product" and Agricultural Bank Wealth Management's "Agricultural Bank Tongxin ESG Theme 5th Phase RMB Financial Product" underperformed with net value growth rates of 0.94% and 0.97%, respectively [7] - Both underperforming products primarily invested in bonds, cash, and bank deposits, with low allocations to equity investments [7]

Group 1 - The article focuses on the performance of three categories of wealth management products: "Fixed Income + Equity," mixed-type, and equity-type products [1][2] - The "Fixed Income + Equity" products are defined as public offerings with an investment cycle of less than three months and positive returns for the last six months [2] - The mixed-type products have an investment cycle of 6 to 12 months, while equity-type products are purely equity public offerings [2] Group 2 - In the "Fixed Income + Equity" category, four wealth management companies had products listed, with the top three being from Xingyin Wealth Management, showing net value growth rates of 5.12%, 4.33%, and 3.83% respectively [6] - The top product, "Fengli Yidong Daily Open 1st Enhanced A," is a low to medium risk fixed income product with a performance benchmark based on a combination of bond and equity indices [6] - The asset allocation of the top product primarily focuses on fixed income assets, with equity investments leaning towards Hong Kong stocks, TMT, and innovative pharmaceuticals [6] Group 3 - In the mixed-type public products category, five wealth management companies had products listed, with the top three showing net value growth rates of 8.83%, 7.81%, and 7.59% respectively [10] - The top product, "Yangguang Orange Quantitative Multi-Strategy 1st," is a medium-risk mixed product with an annual performance benchmark of 2.5% to 4.5% [10] - This product has recorded positive returns in 2024 and the current year, despite negative returns in 2022 and 2023 [10] Group 4 - In the equity-type public products category, only 2 out of 34 products had negative net value growth rates over the past year, indicating a low failure rate of 5.88% [14] - The top three equity products, "Tiangong Daily Open 5th (AI Computing Power Index)," "Tiangong Daily Open 2nd (Digital Infrastructure Index)," and "Yangguang Red ESG Industry Selection," had net value growth rates of 53.82%, 40.46%, and 30.22% respectively [14] - The performance of the "Yangguang Red ESG Industry Selection" product has improved significantly, with its cumulative net value rising from a low of 0.5473 to 0.8887 [14]